BTC tries another rebound into the weekly downward trendline
I was dead on calling this past bounce on Aug 16th:
Now finally with the bears exhausted and shorts squeezed, we see the bulls counter attacking... however without an ETF approval they have no backup. What I see happening is the same trend back in Aug, but at a smaller scale. IMHO, Bitcoin bulls have enough gas to reach the 7200 range again, before getting destroyed by the weekly downward trend line.
Note my pink curve line is generous, we are still in a heavy bearish environment, and the last bounce didn't even have the strength to reach the weekly trend line, but got rejected by the Ichi Moko cloud.
Only an ETF approval or official Bakkt launch can hope to change the trend. Otherwise barring those 2 things, we will have to wait till full capitulation 3k-1300k range for Bitcoin before the Bulls can return in force to pick up discounted coins.
I'm only long in the short term, few weeks - month.
Now finally with the bears exhausted and shorts squeezed, we see the bulls counter attacking... however without an ETF approval they have no backup. What I see happening is the same trend back in Aug, but at a smaller scale. IMHO, Bitcoin bulls have enough gas to reach the 7200 range again, before getting destroyed by the weekly downward trend line.
Note my pink curve line is generous, we are still in a heavy bearish environment, and the last bounce didn't even have the strength to reach the weekly trend line, but got rejected by the Ichi Moko cloud.
Only an ETF approval or official Bakkt launch can hope to change the trend. Otherwise barring those 2 things, we will have to wait till full capitulation 3k-1300k range for Bitcoin before the Bulls can return in force to pick up discounted coins.
I'm only long in the short term, few weeks - month.
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